A Proper Corporate Governance Structure Must Be in Place in Order

question 44

Multiple Choice

A proper corporate governance structure must be in place in order to properly deter instances of:

• A)Fraud.
• B)Theft.
• C)Misuse or manipulation of administrative resources.
• D)All of the above, A, B, and C, are correct.

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Definitions:

Sales Journal

A specialized accounting journal that records all credit sales transactions of a business.

Subsidiary Ledger

A detailed ledger used to track individual transactions related to a specific account, complementing the general ledger.

General Ledger

The primary accounting record of all financial transactions of a company, organized by accounts, used to prepare financial statements.

Owner Withdraws

Transactions where the owner of a sole proprietorship takes out cash or other assets from the business for personal use.